Casino Stock Trader Bets $4 Million on Las Vegas Sands
A casino stock trader has decided to place a huge chunk of his money on a stake in Las Vegas Sands. Las Vegas Sands, MGM and Wynn Resorts have gone up in double digits at the stock exchange. But the casino stock market is quite a volatile one, and things can change at any given time. All these casino operators rely on the Macao gaming traffic for a large part of their earnings. This fact makes these companies vulnerable to continuous trade contentions and other global risks.
However, despite the turbulent environment, as casino stock trader decided to place a significant amount of money on Las Vegas Sands. The casino stock trader’s purchase is quite surprising given the fact that Las Vegas Sands is behind MGM and Wynn Resorts this year. If the casino stock trader is right in this judgement, he will hit the jackpot.
The president of Optimize Advisors, Michael Khouw, told the media that on Tuesday they saw a substantial call volume and this volume was the result of a very significant trade.
1.3 Million Shares of Las Vegas Sands Bought by Casino Stock Trader
Khouw further informed the press that the casino trader placed $3.20 million on 13,000 shares. He explained that this trade essentially represents 1.3 million shares of Las Vegas Sands. The share contracts are worth 100 shares of stock, and this means that the casino stock trader is wagering $4 million on the assumption that the Las Vegas Sands stock will accelerate at a rate of 8.5% to a break-even rate of $63.20 per share by the time January 2020 comes around.
Expert casino traders believe that this person is wagering on a pretty high bounce after Las Vegas Sands has seen some significant weakness in the stock exchange. On Wednesday Las Vegas Sands was slightly lower than what was recorded previously.
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